Calgary Real Estate Done Right
Real estate is changing! Breanna & Tom form The A-Team at Remax First. We serve the Calgary area helping both buyer & seller clients. Breanna sells our clients' homes, & Tom helps people buy. The principles we live & work by are honesty, hard work, free information, innovation, & being kind. We've sold over 600 homes in Alberta, & if you add in the sales of our teammates, it's over 1,000. Why do we do what we do? It's exciting to be on the cutting edge of change in our industry, as well as the daily satisfaction of seeing our clients achieve their goals. What happens first? Free information!... Please contact us to ask about - Selling your home for TOP DOLLAR - Buying the perfect home (& price) on YOUR timeline Talk soon!
The A-Team - Calgary
8820 Blackfoot Trail SE #115
Calgary Alberta T2J 3J1
Phone: (587) 700-7123
Website: https://ateamcalgary.ca
Google Site: https://sites.google.com/view/ateamcalgary
Google Folder: https://mgyb.co/s/TEtXb
Calgary is a Canadian city, which currently shows a rapid growth in several aspects, compared to other cities in Canada. The growth of the city has paid a way to the increase in demand for houses there. Purchasing a house in such a city is not an easy task. This is where you need the help of Calgary realtors. Whether selling your house or looking for a new one, hire a realtor who could make desires come true. There are over 5,500 realtors in Calgary and its surrounding area, who work together as a group or network to help you. Few of them work as single and are known as independent real estate agents. While in case of a REALTOR network, the realtors at different areas share the information and resources among themselves, thereby placing you in the best position.
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Market Update For Calgary Real Estate
Comparing this month's market update to last month's we notice very few differences, but they are there. We still exist in a low-inventory world, for all property types up to $800,000. The rate of new listings is relatively slow, and sales remain strong, despite rising interest rates. To show the bigger picture, here are total Calgary property sales, including four outlying bedroom communities over the last few years:
Oct 2022: 2,226 Oct 2021: 2,578 Oct 2020: 2,111 Oct 2019: 1,700 Oct 2018: 1,561 Oct 2017: 1,703
The total months of inventory have reduced slightly month over month, such that in our experience, multiple offer situations are becoming much more common, especially in the entry-level price ranges. In our discussions with agents, active buyers, and sellers, sentiment shifting from neutral or positive in those price ranges, as locals are becoming more comfortable that rising resource prices and shielding the economy from rising interest rates at this time. It doesn't take missing out on many listings to other buyers before you, as a buyer, become more optimistic about the future path of home values. Without a global recession, falls in the prices of oil and gas are not expected during the Russia embargo.
Calgary & area, with our lower home prices than Vancouver & Toronto, continues to attract record-breaking numbers of migrants, and counter-intuitively the interest rate might be helping spur this.
The single-digit percentage reductions in home values that we have witnessed in the last few months, appear to be stopping in most lower price ranges, locations, and categories. The higher price ranges find themselves in a deepening buyer's market - certainly over $900k, and a heavier buyer's market once we get much away from the $1m mark.
To be clear: if we put global news, knowledge of interest rates, and sentiment to one side, and just look at the data, large swathes of the Calgary & area markets look very similar to how they did this time last year and the year before, after which we saw values rise in the winter months due to a supply/demand imbalance.
Calgary Area Real Estate in October
In total, the Calgary & Area market has 2.5 months of inventory, which puts it in seller's market territory, though sentiment has continued to turn negative in the last month.
Sales were down 12% versus last September 2022. We know 2022 was a very busy year, so what about this month's sales versus 2020 and 2019. Well, they were actually up 11% and 41% respectively. On it's own this would be positive for prices.
The rate of new listings in the market was down 11% versus September 2022, down 6% versus 2021 and down 4% versus Sep 2019. On it's own this would be positive for prices.
On paper at least, the market is exhibiting strength across all property types and price ranges except over $1m and $750k for properties without and with condo fees, respectively. We are regularly running into multiple offer situations at the lower price points for all property types.
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Prices have continued to erode this month, over almost all property types and locations. It is important to note that this erosion, unlike other rapidly declining major Canadian markets, is being driven entirely by sentiment and not by the relative number of buyers and sellers in the market. Unless something changes dramatically, we are expecting continued erosion in the short run, and our vision of, say 2023, is extremely cloudy. It stands to reason that high rates will lower home prices, over time, as will a global recession, but we also have a squeeze on commodities including Oil & Gas, as well as a housing shortage, for now at least. While the emotional outlook may be negative because of the news, the data never lies, and it continues to show broad strength in our markets, especially as compared to other markets outside of Alberta. Anecdotally, we are quite busy with active buyer clients in the Calgary market. We will be monitoring the stats, sentiment and news closely, as anything could happen in 2023 (down, up, sideways).
Calgary Realtors I The A-Team - Calgary I https://ateamcalgary.ca